Pepperdine University’s Graziadio School of Business and Management is launching a business incubator with a donation from a local venture capital investor, the Malibu university announced Thursday.

Dan and Coco Peate made a “multimillion dollar” to launch the incubator, which will be called the Peate Institute for Entrepreneurship. The exact amount of the donation was not disclosed. It will operate at a yet-to-be-chosen site in the Conejo Valley, near Pepperdine’s Thousand Oaks campus and the Ventura headquarters of Dan Peate’s venture capital firm, Peate Ventures.

The institute’s business incubator is set to launch in fall 2018. It will provide physical facilities and equipment for student entrepreneurs, as well as giving them access to faculty advisors, industry professionals and partnerships with local business organizations. The institute may pursue equity investments in new ventures, though the exact terms of such arrangements have yet to be detailed.

“Pepperdine Graziadio has roots in entrepreneurship that make it the first and best choice for an initiative that aligns with the exciting trajectory in the Los Angeles startup environment,” Peate said in a release. “My wife Coco and I are honored to play a role in creating a launch pad for young visionaries who will inspire and lead transformational change in the global business environment.”

Public policy and energy reporter Howard Fine can be reached at [email protected]. Follow him on Twitter @howardafine.